DDM Analysis: 2706.TW

Valuation Snapshot

Stable Growth	$5.15 - $7.91	$6.44
Multi-Stage	$12.58 - $13.84	$13.20
Blended Fair Value	$9.82
Current Price	$13.35
Upside	-26.45%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.86%	14.23%	0.35	0.32	0.13	0.14	0.43	0.43	0.25	0.17	0.14	0.13
YoY Growth	-	-	8.07%	140.63%	-6.63%	-66.51%	1.00%	69.34%	50.73%	16.91%	10.54%	39.58%
Dividend Yield	-	-	2.45%	2.16%	0.92%	1.02%	3.08%	3.53%	1.76%	1.13%	0.91%	0.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	287.57
(-) Cash Dividends Paid (M)	174.92
(=) Cash Retained (M)	112.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	57.51	35.95	21.57
Cash Retained (M)	112.66	112.66	112.66
(-) Cash Required (M)	-57.51	-35.95	-21.57
(=) Excess Retained (M)	55.14	76.71	91.09
(/) Shares Outstanding (M)	504.63	504.63	504.63
(=) Excess Retained per Share	0.11	0.15	0.18
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.11	0.15	0.18
(=) Adjusted Dividend	0.46	0.50	0.53
WACC / Discount Rate	6.27%	6.27%	6.27%
Growth Rate	-2.36%	-1.36%	-0.36%
Fair Value	$5.15	$6.44	$7.91
Upside / Downside	-61.39%	-51.75%	-40.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	287.57	283.65	279.79	275.98	272.22	268.52	276.57
Payout Ratio	60.83%	66.66%	72.50%	78.33%	84.17%	90.00%	92.50%
Projected Dividends (M)	174.92	189.09	202.84	216.18	229.12	241.66	255.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.27%	6.27%	6.27%
Growth Rate	-2.36%	-1.36%	-0.36%
Year 1 PV (M)	176.12	177.92	179.73
Year 2 PV (M)	175.97	179.59	183.25
Year 3 PV (M)	174.68	180.11	185.64
Year 4 PV (M)	172.44	179.62	187.01
Year 5 PV (M)	169.41	178.27	187.49
PV of Terminal Value (M)	5,477.62	5,763.93	6,062.09
Equity Value (M)	6,346.25	6,659.44	6,985.21
Shares Outstanding (M)	504.63	504.63	504.63
Fair Value	$12.58	$13.20	$13.84
Upside / Downside	-5.80%	-1.15%	3.69%

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First Hotel Company Ltd. (2706.TW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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